Analysis of business results & financial statements · Quý 2/2026
▲▲ BALANCED OPERATIONS
TTM NPAT rose +VND 65.0bn compared with the same period last year. Key positives came from higher trading and lower total costs. Offsetting pressure came mainly from higher tax and lower brokerage.
See what is changing ↓- EPS TTM
- 1,069
- BVPS
- 10,753
- P/E
- 11.1x
- P/B
- 1.1x
- ROAE TTM
- 10.3%
- PBT Margin
- 38.4%
- Market price
- 11,900 16 Oct 2026
The current picture
Securities House Picture
On a TTM basis through 2026Q2, pre-tax profit is currently about 206.0bn, equivalent to a pre-tax margin of 38.4%, but headline durability remains more sensitive to revaluation, with margin also improving by +5.9pp, pointing to better earnings quality. The revenue mix still leans mainly on trading at 94.2% after expanding by +2.9pp, while lending is at 2.2%; brokerage and services are still only 3.6% and have narrowed by 3.8pp, so diversification remains thin. On the balance sheet, Equity / Assets is 76.3% while Leverage is about 0.31x, indicating a still relatively balanced capital posture, with buffers thickening and leverage easing further.
Profit bridge
Vs last year · TTM
- Trading
- Total costs
- Other
- Tax
- Brokerage
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 2/2026
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| PBT | 93.9 | 44.9 | 22.6 | 44.6 | 77.8 | -14.0 | 18.2 | 43.3 |
| Trading Share | 92.4% | 86.0% | 94.5% | 96.2% | 94.6% | 92.2% | 85.6% | 86.4% |
| Lending Share | 3.0% | 5.9% | 1.0% | 0.9% | 1.5% | 0.9% | 2.1% | 0.9% |
| Service & Brokerage Share | 4.5% | 8.1% | 4.6% | 2.9% | 3.9% | 7.0% | 12.3% | 12.7% |
| PBT Margin | 56.19% | 64.42% | 13.90% | 32.50% | 54.60% | -16.18% | 24.10% | 53.32% |
| Equity / Assets | 76.3% | 90.3% | 85.9% | 50.0% | 45.4% | 46.8% | 49.0% | 47.8% |
| Leverage | 0.31x | 0.11x | 0.16x | 1.00x | 1.20x | 1.14x | 1.04x | 1.09x |
Revenue
167bnNet income
75bnNet margin
44.72%Inside the statements
A closer look at what is happening inside the business
A broker's statements are read with the industry's own questions: revenue mix, balance sheet, funding.
Is revenue sustainable?
Revenue Mix & Earnings Engine
▼▼Where are current earnings coming from?
Earnings are still being supported by trading, but revaluation has become large enough to make the headline less durable than usual.
Trading currently accounts for about 94.2%, lending is at 2.2%, brokerage is around 2.8%, other services about 0.8%, brokerage plus services together are 3.6%.
The earnings engine is already less one-dimensional, so the more important question is whether diversification can hold.
Trading income is materially dependent on revaluation.
The mix is still fairly readable for now, but case durability will depend on whether brokerage and services keep thickening.
A large part of trading income is coming from revaluation, so earnings may be more volatile than the headline suggests.
- Securities business revenue
- 536.4bn +39.1% YoY
- PBT margin
- 38.4% +5.9pp
- Trading Share
- 94.2% +2.9pp
- Revaluation / Trading
- 51.8% −10.4pp
TTM YoY · 2026Q2
Profitability Quality & Volatility
▲How strong is current profitability, and how durable is it?
Headline profitability remains solid, but durability is weaker because part of the result is still sensitive to revaluation.
Pre-tax margin is currently 38.4%, Return on assets is about 6.6%, revaluation accounts for 117.3% of pre-tax profit.
Headline profit should not be read purely off reported PBT because revaluation still makes the result more volatile.
Profit remains sensitive to revaluation swings.
Provisioning is not currently the main drag on profit.
Revaluation makes up a large enough share of PBT to make profit quality less durable than the headline suggests.
- PBT margin
- 38.4% +5.9pp
- Net margin
- 30.8% +4.8pp
- ROAA
- 6.6% +1.9pp
- ROAE
- 10.3% +3.7pp
TTM YoY · 2026Q2
Are assets at risk?
Balance Sheet Quality & Asset Composition
▼Where is the balance sheet exposed, and how resilient does it look?
The balance sheet is leaning more toward the prop book, making market-valuation sensitivity a key issue to monitor.
The margin book is about 10.1% of assets, the prop book about 64.9%, liquid assets around 28.7%, equity roughly 76.3%.
A high prop-book share lets market-valuation swings flow more directly into the balance sheet.
The prop book is the more prominent balance-sheet component.
Capital buffer is not the main weakness for now, so the key reading point shifts to which assets are driving the balance sheet.
A high share of FVTPL assets increases sensitivity to market revaluation and trading volatility.
- Margin book / Assets
- 10.1% +6.4pp
- Prop book / Assets
- 64.9% +27.5pp
- Liquid assets / Assets
- 28.7% −29.6pp
- Equity / Assets
- 76.3% +30.8pp
Quarterly YoY · 2026Q2
Is leverage safe?
Capital, Funding & Risk Posture
●Are capital buffers and funding posture sufficiently safe?
Capital and funding posture looks more balanced for now, though the effective thickness of liquidity buffers still needs monitoring.
Equity currently equals 76.3% of assets, liabilities stand at 0.31x of equity, short-term borrowings are about 14.8% of assets, cash covers roughly 0.26x of short-term borrowings.
Capital and funding are mainly acting as a buffer for the case, rather than the main source of headline distortion.
When funding and liquidity remain adequate, capital posture works more as a buffer than a veto point.
Liquidity buffer looks adequate for now, though it still needs monitoring as funding structure shifts.
- Equity / Assets
- 76.3% +30.8pp
- Liabilities / Equity
- 0.31x −0.89x
- Short-term borrowings / Assets
- 14.8% −15.1pp
- Liquid assets / Assets
- 8.7% −25.5pp
Quarterly YoY · 2026Q2
In summary
Research synthesis
What this reporting period is showing
Overall, BMS currently looks like a more mixed case, with both supporting factors and watchpoints but no single clean direction yet.
- Capital buffer is not currently the main pressure point for this case.
- The current revenue mix does not yet offer a clear enough earnings anchor to read as a healthy case.
What to verify next
Questions for the next period
Track whether trading income can still hold up once revaluation normalizes toward a more ordinary level.
Track whether current profitability can hold once the more volatile supports move back toward normal levels.
Track whether the prop book makes the balance sheet more sensitive to valuation swings in coming periods.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.